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EU to implement further red tape for multinationals

The EU, OECD, G8 and G20 insist tax rules need to be changed so there is greater transparency when dealing with the taxation of multinationals.

The day after the EU Summit, the Commission announced a new project aimed at forcing multinationals in the European Union to communicate the amount of tax they pay in each member state. Moreover Brussels confirmed yesterday that proposals will be made in the next few weeks to extend the automatic exchange of tax information on dividends and captial gains. The Commission also plans to strengthen the directive against abuse in mergers and acquisitions as well as in transfer pricing between parent companies and their subsidiaries.

"Multinationals have become victims of a witch hunt. They are the scapegoats for Government deficits, they have not violated any rules or legislation. By discrediting multinationals, the EU runs the risk of scaring international investors, job creators and major tax contributors."